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[Tor]

Little directional or technical progress over the past three sessions as the headline US equity averages have expressed modest reluctance to build on the breaks last week to new cycle highs. Simply cautious, however, and also suffering from minor intraday bullish fatigue, this activity simply highlights a healthy digestion tone. Further consolidation is likely in the very near term, but the outlook into June remains categorically positive. The DJIA is hesitant ahead of the channel. The large cap, blue chip average was short of a new intraday high on Monday but did close at yet another new record level. Price action has been muted over the past three sessions though as the market appears to continue to express hesitancy in overcoming the march-based bull channel top which is at 13790 today. Momentum focus: During the recent horizontal range activity the daily MA Oscillator, our preferred short term trend momentum measure has pulled further back from the peaks seen in May. This leaves momentum scope for renewed upside thrusts into June. Day trade tactics: Buy at 13610/20 or on a volume-break or close above the channel. Have fun everyone.